6. On 1 July 2019, Busby Ltd leased an equipment from York Ltd. The fair value of the equipment at 1 July 2019 is $300,000, and the present value of minimum lease payment is $286,168. The agreement contained the following details: Lease term 4 years Initial lease payment $80,000 (at commencement of lease) Annual lease payment $80,000 (in advance on 1 July each year) Guaranteed residual payment Interest rate implicit in the lease 8% Useful life of machinery 6 years Residual value of machinery $30,000 Busby Ltd intends to return the equipment to York Ltd at the end of the lease term. Nil Required: (a) Prepare a schedule of lease payments for Busby Ltd. (b) Prepare the general journal entries required from 1 July 2019 to 30 June 2021